2015-10-28ssbk00Banking, Housing, and Urban Affairs Committee0SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.IntroReferral18:26:242015-10-27Motion to reconsider laid on the table Agreed to without objection.Floor2House floor actionsH38310https://www.congress.gov/congressional-record/volume-161/house-section/page/H7231H7231http://clerk.house.gov/evs/2015/roll575.xmlRoll no. 57518:26:142015-10-27On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575). (text: CR H7231)Floor2House floor actionsH37100https://www.congress.gov/congressional-record/volume-161/house-section/page/H7231H7231http://clerk.house.gov/evs/2015/roll575.xmlRoll no. 57518:26:142015-10-27Passed/agreed to in House: On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575).(text: CR H7231)Floor9Library of Congress8000https://www.congress.gov/bill/114th-congress/house-resolution/491H. Res. 49117:39:532015-10-27DEBATE - Pursuant to the provisions of H. Res. 491, the House proceeded with 10 minutes of debate on the Lynch amendment no. 1.Floor2House floor actionsH8D000https://www.congress.gov/bill/114th-congress/house-bill/1090H.R. 109016:27:202015-10-27DEBATE - The House proceeded with one hour of debate on H.R. 1090.Floor2House floor actionsH8D000https://www.congress.gov/bill/114th-congress/house-bill/1090H.R. 109016:26:282015-10-27Rule provides for consideration of H.R. 1090 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. An amendment in the nature of a substitute consisting of the text of Rules Committee Print 114-31 shall be considered as adopted. The further amendment printed in the report accompanying the resolution shall be considered as read, shall be debatable for 10 minutes, and shall not be subject to a demand for division of the question.Floor2House floor actionsH8D000https://www.congress.gov/bill/114th-congress/house-resolution/491H. Res. 491https://www.congress.gov/congressional-record/volume-161/house-section/page/H7231-7243H7231-724316:26:232015-10-27Considered under the provisions of rule H. Res. 491. (consideration: CR H7231-7243)Floor2House floor actionsH30000https://www.congress.gov/bill/114th-congress/house-resolution/491H. Res. 49114:26:232015-10-27Rule H. Res. 491 passed House.Floor2House floor actionsH1L220https://www.congress.gov/bill/114th-congress/house-resolution/491H. Res. 491https://www.congress.gov/bill/114th-congress/house-bill/1090H.R. 109019:50:442015-10-26Rules Committee Resolution H. Res. 491 Reported to House. Rule provides for consideration of H.R. 1090 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. An amendment in the nature of a substitute consisting of the text of Rules Committee Print 114-31 shall be considered as adopted. The further amendment printed in the report accompanying the resolution shall be considered as read, shall be debatable for 10 minutes, and shall not be subject to a demand for division of the question.Floor2House floor actionsH1L210H12410CalendarsPlaced on the Union Calendar, Calendar No. 230.2015-10-222House floor actionsH12300DischargeCommittee on Education and the Workforce discharged.2015-10-222House floor actionshsed00Education and Labor5500CommitteeCommittee on Education and the Workforce discharged.2015-10-229Library of Congresshsed00Education and Laborhttps://www.congress.gov/congressional-report/114th-congress/house-report/304H. Rept. 114-304H12200CommitteeReported by the Committee on Financial Services. H. Rept. 114-304, Part I.2015-10-222House floor actionshsba00Financial Services Committeehttps://www.congress.gov/congressional-report/114th-congress/house-report/304H. Rept. 114-3045000CommitteeReported by the Committee on Financial Services. H. Rept. 114-304, Part I.2015-10-229Library of Congresshsba00Financial Services Committee2015-09-30hsba00Financial Services Committee1House committee actionsOrdered to be Reported by the Yeas and Nays: 34 - 25.Committee2015-09-30hsba00Financial Services Committee1House committee actionsCommittee Consideration and Mark-up Session Held.Committee2015-09-10hsba16Capital Markets and Government Sponsored Enterprises Subcommittee1House committee actionsHearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.Committee2015-09-10hsba09Oversight and Investigations Subcommittee1House committee actionsHearings Held by the Subcommittee on Oversight and Investigations Prior to Referral.Committee2015-04-29hsed02Health, Employment, Labor, and Pensions Subcommittee1House committee actionsReferred to the Subcommittee on Health, Employment, Labor, and Pensions.CommitteeH11100IntroReferralReferred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.2015-02-252House floor actionshsed00Education and LaborH11100-AIntroReferralReferred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.2015-02-259Library of CongressH11100IntroReferralReferred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.2015-02-252House floor actionshsba00Financial Services CommitteeIntro-HIntroReferralIntroduced in House2015-02-259Library of Congress1000IntroReferralIntroduced in House2015-02-259Library of Congress1111111113111241111241Retail Investor Protection ActH. Rept. 114-304Finance and Financial SectorAdministrative law and regulatory proceduresBanking and financial institutions regulationCongressional oversightDepartment of LaborEmployee benefits and pensionsFinancial services and investmentsGovernment information and archivesSecurities and Exchange Commission (SEC)491114Procedurally-relatedHouseProviding for consideration of the bill (H.R. 1090) to amend the Securities Exchange Act of 1934 to provide protections for retail customers, and for other purposes.HRES2015-10-2714:26:24Motion to reconsider laid on the table Agreed to without objection.2497114Related billCRSRetail Investor Protection Act of 2016S2016-02-04Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.5983114Related billCRSFinancial CHOICE Act of 2016HR2016-12-20Placed on the Union Calendar, Calendar No. 693.1.0.0http://clerk.house.gov/evs/2015/roll575.xmlHouse5752015-10-27T22:26:14Z1Passage of a Measure1142015-10-28T04:00:00Zhttps://www.govinfo.gov/content/pkg/BILLS-114hr1090rfs/xml/BILLS-114hr1090rfs.xmlReferred in Senate2015-10-27T04:00:00Zhttps://www.govinfo.gov/content/pkg/BILLS-114hr1090eh/xml/BILLS-114hr1090eh.xmlEngrossed in House2015-10-22T04:00:00Zhttps://www.govinfo.gov/content/pkg/BILLS-114hr1090rh/xml/BILLS-114hr1090rh.xmlReported in House2015-02-25T05:00:00Zhttps://www.govinfo.gov/content/pkg/BILLS-114hr1090ih/xml/BILLS-114hr1090ih.xmlIntroduced in House2015-10-28Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.2015-02-26T06:14:49Z10905Rep. Garrett, Scott [R-NJ-5]1737G0005488047True2015-02-25RNJG000548GarrettScott39Rep. Royce, Edward R. [R-CA-39]R0004877845998False2015-03-16RCAR000487ROYCEED2Rep. Huizenga, Bill [R-MI-2]2028H0010587987False2015-03-16RMIH001058HuizengaBill14Rep. Hultgren, Randy [R-IL-14]2015H0010597934False2015-03-16RILH001059HultgrenRandy2Rep. Poliquin, Bruce [R-ME-2]2247P000611False2015-03-16RMEP000611PoliquinBruce3Rep. Lucas, Frank D. [R-OK-3]7118111L000491False2015-03-16ROKD.L000491LUCASFRANK15Rep. Stivers, Steve [R-OH-15]81052047S001187False2015-03-16ROHS001187StiversSteve2Rep. Hill, J. French [R-AR-2]2223H001072False2015-03-16RARFrenchH001072HillJ.3Rep. Luetkemeyer, Blaine [R-MO-3]L00056980171931False2015-03-16RMOL000569LuetkemeyerBlaine5Rep. Mulvaney, Mick [R-SC-5]M00118281452059False2015-03-16RSCM001182MulvaneyMick6Rep. Messer, Luke [R-IN-6]M0011892130False2015-03-16RINM001189MesserLuke1Rep. Guinta, Frank C. [R-NH-1]80412038G000570False2015-03-16RNHC.G000570GuintaFrank15Rep. Ross, Dennis A. [R-FL-15]20037884R000593False2015-03-16RFLA.R000593RossDennis2Rep. King, Peter T. [R-NY-2]635K0002108064False2015-04-21RNYT.K000210KINGPETER10Rep. Dold, Robert J. [R-IL-10]79302013D000613False2015-04-21RILJ.D000613DoldRobert6Rep. Barr, Andy [R-KY-6]2131B001282False2015-04-27RKYB001282BarrAndy8Rep. Fincher, Stephen Lee [R-TN-8]20648741F000458False2015-05-13RTNLeeF000458FincherStephen25Rep. Williams, Roger [R-TX-25]2165W000816False2015-05-13RTXW000816WilliamsRoger8Rep. Posey, Bill [R-FL-8]P00059978871915False2015-06-10RFLP000599PoseyBill3Rep. Tipton, Scott R. [R-CO-3]1997T0004707861False2015-09-29RCOR.T000470TiptonScott6Rep. Emmer, Tom [R-MN-6]2253E000294False2015-09-29RMNE000294EmmerTom21Rep. Smith, Lamar [R-TX-21]S00058381771075False2015-10-07RTXS000583SMITHLAMAR5Rep. Brooks, Mo [R-AL-5]1987B0012747790False2015-10-07RALB001274BrooksMo3Rep. Heck, Joseph J. [R-NV-3]20408061H001055False2015-10-07RNVJ.H001055HeckJoseph5Rep. Abraham, Ralph Lee [R-LA-5]A0003742244False2015-10-07RLALeeA000374AbrahamRalph6Rep. Black, Diane [R-TN-6]B00127381532063False2015-10-07RTNB001273BlackDiane45Rep. Walters, Mimi [R-CA-45]W0008202232False2015-10-07RCAW000820WaltersMimi8Rep. Hudson, Richard [R-NC-8]H0010672140False2015-10-07RNCH001067HudsonRichard17Rep. Flores, Bill [R-TX-17]F00046181732065False2015-10-07RTXF000461FloresBill13Rep. Jolly, David W. [R-FL-13]2199J000296False2015-10-21RFLW.J000296JollyDavid11Rep. Frelinghuysen, Rodney P. [R-NJ-11]414F0003728053False2015-10-22RNJF000372FRELINGHUYSENRODNEY4Rep. Hartzler, Vicky [R-MO-4]80122032H001053False2015-10-22RMOH001053HartzlerVicky9Rep. Pittenger, Robert [R-NC-9]P0006062141False2015-10-22RNCP000606PittengerRobert7Rep. Duffy, Sean P. [R-WI-7]82202072D000614False2015-10-22RWIP.D000614DuffySeanW000812MOW0008122137AnnWagnerRep. Wagner, Ann [R-MO-2]2R[Congressional Record Volume 161, Number 32 (Wednesday, February 25, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. WAGNER:H.R. 1090.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3The Congress shall have Power * * * To regulate Commercewith foreign Nations, and among the several States, and withthe Indian Tribes.[Page H1165]]]>1142015-10-30T15:59:59Z2015-02-2500Retail Investor Protection Act

Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law.

Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether:

retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940;

alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct;

adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and

adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations.

Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.

]]>Introduced in House2015-02-25T05:00:00ZIntroduced in House2015-10-30T16:04:13Z2015-10-2228(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Retail Investor Protection Act

(Sec. 2) Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law.

(Sec. 3) Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether:

retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940;

alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct;

adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and

adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations.

Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.

]]>Reported to House without amendment, Part I2015-10-22T13:58:52ZReported to House without amendment, Part I2015-10-30T16:07:02Z2015-10-2736(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)

Retail Investor Protection Act

(Sec. 2) Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law.

(Sec. 3) Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether:

retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940;

alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct;

adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and

adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations.

Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.

]]>Passed House amended2015-10-27T10:59:21ZPassed House amended2019-01-09T21:10:02ZHouse2015-02-25Finance and Financial Sector732114001090114HHRRetail Investor Protection ActHouse2019-01-09T21:08:08Z7320718:18:29https://www.congress.gov/amendment/114th-congress/house-amendment/732H.Amdt.732http://clerk.house.gov/evs/2015/roll574.xmlRoll no. 574FloorOn agreeing to the Lynch amendment (A002) Failed by the Yeas and Nays: 184 - 246 (Roll no. 574).2015-10-27H34111House floor actions217:39:44https://www.congress.gov/amendment/114th-congress/house-amendment/732H.Amdt.732https://www.congress.gov/congressional-record/volume-161/house-section/page/H7241H7241https://www.congress.gov/congressional-record/volume-161/house-section/page/H7241-7243H7241-7243FloorAmendment (A002) offered by Mr. Lynch. (consideration: CR H7241-7243; text: CR H7241)2015-10-27H3A100House floor actions22015-10-2718:18:29https://www.congress.gov/amendment/114th-congress/house-amendment/732H.Amdt.732http://clerk.house.gov/evs/2015/roll574.xmlRoll no. 574NotUsedAmendment failed by House: On agreeing to the Lynch amendment (A002) Failed by the Yeas and Nays: 184 - 246 (Roll no. 574).2015-10-2780000Library of Congress918:18:29https://www.congress.gov/amendment/114th-congress/house-amendment/732H.Amdt.732http://clerk.house.gov/evs/2015/roll574.xmlRoll no. 574FloorRoll call votes on amendments in House2015-10-2775000Library of Congress918:18:29https://www.congress.gov/amendment/114th-congress/house-amendment/732H.Amdt.732http://clerk.house.gov/evs/2015/roll574.xmlRoll no. 574FloorHouse amendment not agreed to: On agreeing to the Lynch amendment (A002) Failed by the Yeas and Nays: 184 - 246 (Roll no. 574).2015-10-2773000Library of Congress917:39:44https://www.congress.gov/amendment/114th-congress/house-amendment/732H.Amdt.732https://www.congress.gov/congressional-record/volume-161/house-section/page/H7241H7241https://www.congress.gov/congressional-record/volume-161/house-section/page/H7241-7243H7241-7243NotUsedHouse amendment offered/reported by : Amendment (A002) offered by Mr. Lynch.(consideration: CR H7241-7243; text: CR H7241)2015-10-2771500Library of Congress9FloorHouse amendment offered2015-10-2771000Library of Congress911111118MAL00056279741686StephenF.DLynchL000562Rep. Lynch, Stephen F. [D-MA-8]8114An amendment numbered 1 printed in House report 114-313 to replace the bill's existing requirement that the Department of Labor (DOL) stop its rulemaking pending a final Securities and Exchange Commission (SEC) rule with a requirement that the SEC revises its own regulations governing fiduciary duty no later than 60 days after the DOL finalizes its rule and coordinates its rulemaking with the DOL.HAMDTHouse of Representatives1.0.0Amendment sought to allow the Department of Labor to complete and adopt a rule to require that investment advisers act solely in the best interests of the workers and retirees who rely upon them in making financial decisions regarding their retirement.2015-10-28T09:14:16Z2015-10-27T04:00:00ZAn amendment numbered 1 printed in House report 114-313 to replace the bill's existing requirement that the Department of Labor (DOL) stop its rulemaking pending a final Securities and Exchange Commission (SEC) rule with a requirement that the SEC revises its own regulations governing fiduciary duty no later than 60 days after the DOL finalizes its rule and coordinates its rulemaking with the DOL.On agreeing to the Lynch amendment (A002) Failed by the Yeas and Nays: 184 - 246 (Roll no. 574).2015-10-2718:18:29HAMDTAmendment sought to allow the Department of Labor to complete and adopt a rule to require that investment advisers act solely in the best interests of the workers and retirees who rely upon them in making financial decisions regarding their retirement.731114114HouseRetail Investor Protection Act1090HRH1142015-10-28T09:14:16Z0HAMDT2019-01-09T21:08:08ZRules Committee00House of RepresentativesAmendment in the nature of a substitute.1.0.02015-10-27T04:00:00Z7312015-10-27710002015-10-27FloorHouse amendment offered9Library of Congress112Amendment in the nature of a substitute.HAMDT2015-10-22T18:38:23ZH.R. 1090, Retail Investor Protection Acthttps://www.cbo.gov/publication/50924Short Titles as Passed HouseHRetail Investor Protection ActHouseShort Titles House of RepresentativesShort Titles as Reported to HouseHRetail Investor Protection ActHouseShort Titles House of RepresentativesShort Titles as IntroducedRetail Investor Protection ActOfficial Title as IntroducedTo amend the Securities Exchange Act of 1934 to provide protections for retail customers, and for other purposes.Display TitleRetail Investor Protection ActU00230HRBanking, Housing, and Urban Affairs CommitteeReferred to2015-10-28T16:26:23Zssbk00SenateStandingEducation and LaborDischarged from2015-10-22T21:16:30ZReferred to2015-02-25T15:02:45Zhsed00HouseStandingHealth, Employment, Labor, and Pensions Subcommitteehsed02Referred to2015-04-29T14:44:59ZFinancial Services CommitteeReported by2015-10-22T21:16:17ZMarkup by2015-09-30T13:40:46ZReferred to2015-02-25T15:02:40Zhsba00HouseStandingCapital Markets and Government Sponsored Enterprises Subcommitteehsba16Hearings by2015-09-10T14:07:16ZOversight and Investigations Subcommitteehsba09Hearings by2015-09-10T14:06:53Ztext/xmlENPursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.Congressional Research Service, Library of CongressThis file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.